According to a new market research report published by Acute Market Reports “Bicycle Tires Market (By Product Type– Tubed, Tubeless, and Airless; By Application: On-road and All Terrain) - Growth, Future Prospects, Competitive Analysis and Forecast 2023 - 2030”, the global bicycle tires market was valued at US$ 6.51 Bn in 2021 and is expected to grow at a CAGR of 6.2% during the forecast period from 2023 to 2030.
The complete report is available at https://www.acutemarketreports.com/report/bicycle-tires-market
Market Insights
Bicycle tires industry has witnessed high growth in recent years on account of factors such as rising health awareness, resulting in higher bicycle sales. Due to an increasingly sedentary lifestyle across the world, disorders such as obesity and cardiovascular diseases have posed a serious threat to human health. Subsequently, several people are turning towards healthy practices so as to maintain a healthy lifestyle. Bicycles are among the easiest and effective solutions promoting better health and greener mode of commute. Cycling helps to burn nearly 500 calories per hour providing an excellent workout session. In addition, with the ongoing COVID-19 restrictions and lockdowns, numerous daily commuters across the world have been avoiding the use of public transport such as metros and buses along with paid taxi services. Thereby, the overall bicycle tires market is expected to witness higher growth due to the rise in demand for a cheaper and effective mode of transport.
The overall bicycle tires market is primarily driven by the consistently rising bicycle sales worldwide. Several countries such as China, Japan, and many of the European countries have embraced cycling as their mode of transportation. Due to high health awareness across the regions, bicycles are witnessing increased adoption for fitness as well as transit. Apart from this, the bicycle industry has also witnessed strong growth due to factors such as growing bicycle sports activities and promotional measures undertaken by national governments. Various national governments emphasize on developing a separate infrastructure for cyclists so as to minimize any on-road mishaps.
Apart from the aforementioned factors, the overall bicycle tires market is also supported by the advent of several tire designs. In order to provide optimum convenience and safety, various tire designs such as tubeless tires, foldable tires, studded tires, puncture-resistant tires, and soft/hard rubber tires. In addition, over a period of time, all-terrain bicycle tires have been designed to ensure a safe and stable ride on any type of surface.
Competitive Insights:
The global bicycle tires market is fairly fragmented with numerous leading providers of bicycle tires operating in various major markets across the world. The key players of the bicycle tires market include MICHELIN, Continental AG, Vittoria Group, Kenda Tires, Maxxis International–USA, Schwalbe Tires North America, Inc., SUOMEN RENGASTEHDAS OY, Ralson Tyres, Zhongce Rubber Group Company Limited, and Hwa Fong Rubber Ind. Co., Ltd. High competition is experienced among the major players of bicycle tires manufacturers. A consistent rise in the people using a bicycle for daily commute has boosted the overall demand for bicycles. Consequently, the demand for bicycle tires has also escalated considerably. Bicycle tire manufacturers are adopting different strategies such as the expansion of their global reach and strengthening their sales and distribution network. Making partnerships with eminent sports professionals and sponsoring major bicycle events for their brand promotion is one of the prime strategies inculcated by the bicycle tires manufacturers.
Key Trends:
- Rising demand for bicycles due to ongoing COVID-19 restrictions and health safety issues
- Increasing investments and rising number of product launches in the airless (solid) bicycle tires segment
- Higher demand for tubeless all-terrain tires from consumers for better convenience and usability
- Market is expected to witness consolidation as large global players seek to acquire small local companies to widen their geographic presence
